Walaa Insurance to deposit proceeds from fractional shares on March 30

Walaa Cooperative Insurance Co. (Walaa Insurance) sold 15,011 fractional shares on March 4, 2020, at SAR 14.98 per share for a total of SAR 224,855, the insurer said in a statement to Tadawul.

The funds will be deposited into shareholders accounts today, March 30, the statement added.

In January, shareholders of MetLife AIG ANB approved the proposed merger offer submitted by Walaa.

Under the merger deal, Walaa will increase its capital and 11.84 million new shares, with a par value of SAR 10 per share, will be issued in return for 100% of MetLife AIG ANB shares, following which the latter will be liquidated.